Enterprises1.in recent years，foreign companies have been buying best-selling brands from their locallylisted subsidiaries and moving them to entities that are 100%-owned by the far-off parent.近年来，外国企业一直从它们本地的上市子公司手中买入畅销品牌，并将这些畅销品牌并入由于母公司100%控股的实体企业中。
2.so they have set up wholly-owned，unlisted subsidiaries，or increaseed their stakes in existingaffiliates，to gain total operating control。
所以，他们要么设立了不上市的全资子公司，要么增持现有关联方的股份，以获得总运营控制权。
3.not only was the Acer group to be flat，rather than pyramidal，but the holding companywould own no more than 30% of each subsidiary，and Mr.Shih himself would control no more than 5%of the holding company.鸿基集团采用平行的金字塔结构，而且控股公司在每个子公司的股权比例不超过30%，施先生在控股公司中的持股也不超过5%。
4.Loans to related companies are rarely made on an arm's length basis，and tend to be grantedat below-market rates，with scant credit vetting.放给关联公司的贷款基本都不按市场条件的正常交易，收取的利率往往低于市场水平，并很少进行认真的资信调查。
Economic indicators1．second，inflation is a lagging indicator，which usually continues to rise through the early stages of recession and then falls as more slack is created.其次，通货膨胀是一个滞后的指标，它通常在经济衰退的早期阶段持续上升，然后随着越来越大的产能过剩而下降。
2．The May consumer price index rose a slim 0.1%，and the core index increased 0.2%.Again cheaper fuels lowered the total.5月居民消费价格指数小幅上涨了0.1%,核心指数增加了0.2%。
越来越便宜的燃料又再次降低了总体价格水平。
3．The return of stagflation may make catchy headlines，but today's situation is not like the 1970s，when a jump in oil prices pushed inflation to double-digit levels滞胀的回归可能会成为吸引人的头条新闻,但今天的情况不再会像1970年代石油价格爆涨将通胀推到两位数水平的情况了。
4．Nonfarm payrolls grew by 234,000,with large gains in construction，business services，and transportation.非农就业人口增长了234,000，从事建筑，商业服务，运输的人数都有大幅增长。
5．In Ameria and in Britain，the mid-1990s have brought a break with the past：their economies have grown briskly without generating inflationary pressures，allowing unemployment rates to fall to the lowest levels for a quarter century.美国和英国,在90年代中期都产生了一个与过去完全不同的情况:他们的经济快速增长且没有产生通胀压力,使得失业率下降到近25年以来的最低水平。
Corporate governance1.The lawsuit---actually several consolidated cases---charged the fund's directors violated theirfiduciary duty by not liquidating the fund when it failed to invest in enough Vietnamese companies。
这起诉讼---实际上是一些合并案例---控告该基金的董事违反了受托义务，他们在没有对越南公司进行足够投资的情况下没有清算基金。
2.In September，the SFC scored one of its biggest victories against market abuses after Du Jun，a former Morgan Stanley investment banker，was given a record seven-year sentence forinsider dealing.今年9月，杜军,摩根士丹利前投资银行家,因内幕交易被判七年,香港证监会打赢了一场打击市场不当行为战役的胜利。
3.But minority shareholders still needed reassurance that they would have a voice.但小股东仍然需要一个对他们话语权的保证。
但小股东仍然需要放心，他们将有一个声音。
4.In general，corporate governance at big French companies is steadily improving…The goalsinclude such measures as the separation of the roles of chairman and chief executive，full disclosure of the boss's pay and stock options，and the appointment of independent directors.总之,法国大公司的公司治理在正稳步改善…这些目标包括如下措施；董事长和首席执行官角色的分离，充分披露老板的薪酬和股票期权以及独立董事的任命。
M&A1.These companies have prospered through vertical integration。
Some are manufactures thatalso have control of retail channels；others have expanded their technology business and now offer a host of complex，value-added products and services.这些公司通过纵向联合而变得繁荣起来，一部分生产商是通过控制零售渠道的，另一部分则扩大了他们的技术业务并通过提供一系列复杂、增值的产品和服务。
2.The 1970s brought economic turbulence due to renewed international competition andrising oil prices. Then，through the 1980's，a wave of corporate takeovers and restructurings helps drag the economy out of the doldrums and into the Internet age.上世纪70年代,新的国际竞争和油价上涨导致了经济动荡。
随后到了80年代，一波企业收购和重组的浪潮帮助拉动经济走出低迷，进入了互联网时代。
3.KKR took Willis private in 1998 in a $1.7billion management buyout.In 2000，KKR made a keymove by hiring Joe Plumeri，a former Citigroup executive，as CEO.Willis then went public in 2001，and it recently had a market value of $5.6billion.1998年，科尔伯格-克拉维斯集团以17亿美元的价格收购了威莱集团管理层。
2000年,它又做出了一个关键举措，聘请花旗集团前高管----乔普拉莫瑞作为首席执行官。
威莱集团随后于2001年上市,它最近的市值达到56亿美元。
4.The plethora of industrial conglomerates ripe to buy，breakup and then resell that fed theLBO pipeline in the 1980s has long disappeared，except in Europe，which is why many U.S.firms are now setting up shop there.工业集团的大量成熟的买了，分手再转手，联储在20世纪80年代杠杆收购的管道早已消失，但在欧洲，这就是为什么许多美国公司现在设立店铺那里。
过多的工业集团购买成熟,分手然后转售给杠杆收购的管道在1980年代早就消失了,除了在欧洲,这就是为什么许多美国公司现在开店。
成熟的工业集团购买多如牛毛，分手再美联储在上世纪80年代，LBO管道早已消失，除了在欧洲，这就是为什么许多美国企业现在开店有。
5.One(amendment)would allow national supervisors to give company boards the right todevise defensive measures to deter predators，without first obtaining shareholder approval.一（修正案），将允许各国监管当局给公司董事会制定防御措施以阻止掠食者的权利，不需事先获得股东批准。